Presentation on theme: "Mega Container Ship Casualties – General Average"— Presentation transcript:
1 Mega Container Ship Casualties – General Average An ancient practice meets a modern challenge
2 General Average: A quick review General Average is an ancient principle that exists independent of insurance.On a given Voyage:"Expenses or sacrifices made by one interest (usually the shipowner) for the benefit of all will made good by the contributions of all"This ancient principle has found its way into countless contracts of affreightment, hull and cargo policies etc
3 The more things change, the more they stay the same…
4 Immediate challenge: collection of GA and or Salvage Security prior to delivery of cargo at destination
5 APL Panama (Ensenada, Mexico - Christmas Day 2005) Grounded Dec. 25th Refloated March 10th, 2006Almost no damage1805 containers on board -Approx. 1,300 discharged1,445 cargo interests -Approx. 1,600 adjuster man hours
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